RPSG Capital Ventures: the consumer-obsessed fund writing Rs 10–40 crore first cheques

India's consumer boom has a dedicated chequebook: RPSG Capital Ventures. Established in 2018 as an early-stage consumer venture capital fund, it operates as a SEBI-registered Category 1 Alternative Investment Fund managed by RP-SG Ventures Advisory LLP, with schemes including RP-SG Ventures Fund 1, the Opportunity Fund I and Fund II. Backed by the RP-SG Group as anchor investor, the firm is unapologetically consumer-first — its team describes itself as obsessed with the Indian consumer landscape, from margin architecture to brand building at scale.

A Rs 550 crore Fund II, oversubscribed and domestic-led

In May 2024, the firm closed Fund II at approximately Rs 550 crore — exceeding its target by more than 150 per cent and exercising the green shoe option to accommodate investor demand. The raise attracted a predominantly domestic investor base of family offices, high-net-worth individuals and consumer-sector industry veterans, and the RP-SG Group doubled its initial investment as anchor. With Fund II, the firm is primarily writing Series A cheques, with initial investments ranging from Rs 10 crore to Rs 40 crore, and it reserves a significant share of the corpus for follow-ons as its brands scale.

What they invest in

The sweet spot is digitally native consumer brands across food and beverage, beauty, health and wellness, entertainment, lifestyle goods and consumer enablers — businesses with solid unit economics, differentiated positioning and strong teams, in the words of Managing Partner Abhishek Goenka. The portfolio reads like a who's who of new-age Indian brands: The Souled Store, Supertails, Perfora, mCaffeine, Vedix, SkinKraft, Plix and True Elements. Across its funds, the firm has invested in 16 companies with a reported success rate exceeding 90 per cent.

Founders talk about operators, not just capital

The firm's own site leads with founder voices — and they tell a consistent story. The Souled Store's team credits the fund with early-round conviction and network access; Vedix and SkinKraft point to help with hiring, brand communication and SKU strategy; Perfora's founders describe genuine partnership on expansion strategy and operator introductions; and Asaya calls the team long-term thinkers on margin architecture and brand building. The pattern is clear: this is a fund that wants to sit in the room on strategy, go-to-market and category creation, not just on the cap table.

How to approach them

RPSG Capital Ventures keeps a deliberately focused portfolio so the team can devote real attention to each company — which means competition for a slot is real, but the support, if you get in, is deep. If you are building a digitally native consumer brand in India at Series A stage, with differentiated positioning and strong early unit economics, you fit the firm's stated mandate. Reach them via their site with a crisp story on why your category can be led from India.